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Financial inclusion is about literacy, not just access: RBI Deputy Governor
Economic Times
·
1d ago
Medial
RBI Deputy Governor Swaminathan Janakiraman highlighted the significance of financial literacy in financial inclusion, emphasizing that it's not just about access to banking but empowering individuals. Speaking at an Indian Bank event, he praised initiatives like Re-KYC camps for their role in simplifying banking processes and promoting schemes like PMJJBY and PMSBY. The event, attended by over 2,000 community members, focused on enhancing accessibility and participation in financial systems.
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RBI took initiative to bridge communication gap with fintechs: Deputy governor
Economic Times
·
3m ago
Medial
The Reserve Bank of India (RBI) initiated dialogue with fintech startups to understand the ecosystem better, according to Deputy Governor T Rabi Sankar. Speaking at the Bharat Inclusion Summit, Sankar noted past communication gaps but highlighted increased interaction efforts by the RBI. This engagement aims to foster understanding of regulatory expectations and trust through responsible innovation. The RBI also supports establishing a self-regulatory organization (SRO) to bridge gaps between the fintech industry and the RBI amidst increased scrutiny.
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Partnership between banks and fintechs a win-win proposition: ex-RBI deputy governor
Economic Times
·
11m ago
Medial
Former RBI deputy governor S S Mundra believes that collaboration between banks and fintech companies is beneficial for both parties. However, he cautions against outsourcing core activities and emphasizes the importance of data security and privacy. Mundra draws an analogy between this partnership and the symbiotic relationship between a crocodile and a plover bird. He also highlights the challenges of innovation and inclusion in the banking sector, stressing the need for an integrated network to leverage data and promote inclusion. Additionally, he emphasizes the importance of proactive risk management and expresses skepticism about the widespread adoption of digital currency.
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UPI Outages Due To Banks’ Tech Problems, Not NPCI: RBI Gov.
Inc42
·
1y ago
Medial
RBI governor Shaktikanta Das attributed UPI outages to problems at banks' end and assured that the central bank is actively addressing the issue. Meanwhile, RBI deputy governor T Rabi Sankar highlighted the significance of UPI Lite in alleviating pressure on the banking system. This comes in response to the frequent outages witnessed in the UPI system recently.
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Finance ministry holds meeting on scaling up of Unified Lending Interface
Economic Times
·
1m ago
Medial
The finance ministry and Reserve Bank conducted a meeting with stakeholders, including state representatives, to discuss scaling up the Unified Lending Interface (ULI). This digital public infrastructure aims to streamline lending using technology and standardised APIs, allowing seamless data access for lenders. Co-chaired by Financial Services Secretary M Nagaraju and RBI Deputy Governor T Rabi Sankar, the meeting emphasized ULI's national importance and urged stakeholders to integrate their datasets to enhance credit delivery.
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Paytm reassures services remain unaffected after RBI Guv remarks
Economic Times
·
1y ago
Medial
Paytm has reassured its users and merchants that its services continue to be operational and unaffected, following comments by RBI governor Shaktikanta Das. The company stated that it is accelerating partnerships with banks and that Paytm QR, Soundbox, and card machines will work as usual. The RBI deputy governor clarified that the action taken against Paytm is regulatory in nature and was initiated after persistent non-compliance.
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RBI's financial inclusion index shows growth across all segments, rises 4.3 pc in FY25
Economic Times
·
19d ago
Medial
The Reserve Bank of India's Financial Inclusion Index (FI-Index) showed a 4.3% increase in the year ending March 2025, reaching a value of 67 from 64.2 in March 2024. This index, which evaluates financial inclusion on a scale of 0 to 100, saw growth across its sub-indices: access, usage, and quality. The improvement reflects a deepening of financial inclusion and sustained literacy initiatives, encompassing sectors like banking, investments, insurance, postal, and pensions.
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IBC data provides valuable insights to handle complex cases: M Rajeshwar Rao, Dy Governor RBI
Livemint
·
7m ago
Medial
The Deputy Governor of RBI has highlighted the need for improvements in the resolution ecosystem, including a better understanding of the reasons behind defaults. He emphasized addressing delays caused by uncooperative corporate debtors in the insolvency process and suggested examining valuation practices to improve the process. The Deputy Governor also called for a mechanism to bridge the gap between out-of-court resolutions and the statutory provisions of the IBC. It is important to ensure the effective implementation of the code while unlocking economic value.
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RBI looking at coming out with fintech regulations: Dy Guv Sankar
Inshorts
·
2y ago
Medial
RBI Deputy Governor T Rabi Sankar has revealed that the central bank is considering the introduction of fintech regulations. While acknowledging the growth of fintech, Sankar emphasized that there are currently no specific regulations in place. The RBI is engaging with the industry to assess the necessity of regulations, with a focus on timing them appropriately to support industry growth.
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RBI Working On Offline CBDCs To Boost Retail Volumes: Governor
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) is working on making its central bank digital currency (CBDC) offline-compatible and introducing value-added services to promote financial inclusion. The Governor of RBI, Shaktikanta Das, stated that they are also looking to connect payment systems like the Unified Payments Interface (UPI) with the CBDC. The CBDC pilot for retail transactions started in December 2022 and achieved the target of 10 lakh (1 million) transactions per day by December 2023. The RBI is also conducting trials for CBDC use in the government securities market and the interbank call money market. Concerns about disintermediation risks to banks have been addressed by making the CBDC non-remunerative and non-interest bearing.
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No Spl Purpose For CBDC, UPI Already Prevalent: Ex-RBI Dy Guv
Inc42
·
11m ago
Medial
Former Deputy Governor of the Reserve Bank of India (RBI), S S Mundra, stated that he does not see any special purpose for Central Bank Digital Currency (CBDC) considering the existing prevalent usage of Unified Payments Interface (UPI). Mundra also encouraged banks to rethink their business models as fintech startups with superior digital capabilities are emerging in the market. The RBI had initiated piloting CBDC for retail users in December 2022 and succeeded in achieving 10 Lakh transactions per day by December 2021.
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